Five years upon entry into force, this research conducts a three level analysis of the effects of the Switzerland-Japan Free Trade and Economic Partnership Agreement. A macro analysis comparing the development of relative volumes of trade, i.e., the ﬂow of goods whose trade has been effectively liberalized by FTEPA and the ﬂow of goods not affected by the FTEPA documents a significant increase growth differential for Swiss exports into Japan, but not vice versa. A subsequent meso analysis of customs data at the level of industrial sectors computes the share of Japanese goods exported under the FTEPA and tracks its development over time. This analysis reveals a significant increase in utilization rate both by Swiss and by Japanese exporters. Finally, a meta analysis of the utilization rates comparing utilization by Japanese exporters with the utilization of other FTAs by the exporters from other FTA partner countries of Switzerland, we find that utilization by Japanese exporters was swift and sustained. Direct comparison, however, would require more detailed analysis.